PTN - Earnings call 4 2023 | Palatin Technologies, Inc.

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Operator

Greetings, and welcome to Palatin's Fourth Quarter and Fiscal Year End 2023 Operating Results Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded.

Before we begin our remarks, I would like to remind you that statements made by Palatin are not historical facts and may be forward-looking statements. These statements are based on assumptions that may or may not prove to be accurate and that the actual results may differ materially from those anticipated due to the variety of risks and uncertainties discussed in the company's most recent filings with the Securities and Exchange Commission.

Please consider such risks and uncertainties carefully in evaluating these forward-looking statements by Palatin's prospects.

to call like host, to would Dr. I turn over the our Now and of Executive Spana, Chief Carl President Officer Palatin. Please go ahead.

Carl Spana

I'll and Thank End Dr. welcome and President Steve, and Palatin's updates. over you. to the Steve today me Financial Officer Executive With Palatin call give and Officer. Good on will to Wills, Fourth of the Chief Palatin. Fiscal XXXX now Spana, Carl Year I'm the Call. he financial CEO and Vice turn and is Chief morning, call Quarter Operating President, operating

Steve Wills

Carl, Thank everyone. good you, with and afternoon, morning and Starting good Vyleesi.

reminder, value desire commercial about product disorder, in are X consecutive the a to double-digit the for sexual The is we doing HSDD. that. is hypoactive of marketplace. that talk goal With with As to our of we're going or Vyleesi shortly, quarters Vyleesi product premenopausal growth think commercial FDA-approved I program women demonstrate

to health transaction we year. forward. to that that is will say about rights nicely, will re-license do U.S. and objective later consider strongly move advancing. we I as More is a be company, the process there care we But When the women's that expect committed this a that

June ended over the XX% comparable sales was XXXX, an an of XX% Specifically, over and increase fiscal fourth increase the $X.X quarter million. for the year. quarter Vyleesi product of to gross XX, amounted This prior quarter last

metrics continued prior reimbursement net Refill results trends with are revenue comparable year. comparable quarter over and last value per prior quarter XX% XX% Net the over in moving the year. increased All direction. insurance increased dispensed dispensed and a XXX% and and XX% product last versus prescriptions over rates, over impactful and increased quarter last prescription revenue $X.X quarter commercial of comparable the year. Total the positive the increased the quarter million, quarter prior

safety in Province reported the first Regarding U.S., of sale Vyleesi Vyleesi China, license Hainan Fosun in women in of Pharmaceuticals, South in calendar calendar of Phase is premenopausal trial, the first a Palatin's HSDD. the submission year regulatory Palatin's license half China. currently and completed in data efficacy clinical XXXX. this III its evaluating Vyleesi of And licensees its of enrollment trial potential anticipated outside Kwangdong in the by year-end, from Vyleesi Pharma, with Korea, with

On an for companies, be increasing direct-to-consumer with coming technology quarters. over UpScriptHealth, entered telemedicine partnership to a providing services distribution additional an the anticipate telemedicine front, Palatin Vyleesi a the will we standpoint strategic leading company, pharmaceutical reach and awareness from into medical and

the over financial Moving update. to

-- June and the highlight certain For fourth quarter fiscal I results. XXXX ended will also XX, year

revenue increased product year. for revenue, distributors $X.X million, comparable the product and of million, and sales total with year. accruals net of pharmacy net consists net gross license to of Vyleesi, $X.X last XXX% product ended the Gross I allowances was and June XX, Vyleesi gross of quarter sales revenue the over quarter sales product product increased gross XXXX, product as product revenue net to of quarter expenses, for compared revenue and of million and revenue. $X.X million last and XX% this is comparable contract mentioned, which Regarding $X.X sales

during B of efforts June of our C XXXX, Series expenses on connection and sale last $XX.X preferred Moving mainly during expenses million $XX.X secondarily, million and in June fourth marketing operating the in lower was to the The to Total the of expenses for XXXX. result of and recognition the fiscal fiscal spending year stock operating expenses. redeemable issuance were convertible year. XX, ended compared the Vyleesi XX, Series operating to with our quarter XXXX, for quarter decrease the comparable

dry the from in actually greater that comment million, is if of ended had report projected again, I June our this fourth June [ internally. expenses, full a XX, will, than And on the which III an our -- want to we, million which eye Phase full triggered This of do and programs, operating ] XXXX. regarding a $XX.X recently did did $XX.X expense fourth what expand we a trial, disease we being, reason quarter hit -- enrollment quarter advance enrollment, you primarily that this milestone, payment. trigger

forward, milestones, I than over that $XX.X greater that timing $XX.X those will regard. expenses less million be several expenses operating quarters, to going quarter, some we're XX always we want to June There's note -- significantly to Again, the have million. number, be programs, some expenses. going operating hit some in the But we that the expenses do for advance next going issues

addressed advancement Let XX operations flows. expenses XX, we me ended the was some net the above, same net for to cash used June milestones in in quarter positive the greater period the over $X.X for used quarter. reason a just is hitting same programs, of in of I hit to thing, the had due XXXX, Palatin's XXXX. cash the compared operations million in move Again, cash $X.X which some as million that June to

decrease not financing. a for to operating of some the net a generated amount, we is levels million Palatin's different from cash recognize used operations, used in of The period same $XX.X full also compared which used number of in did State million to including year Vyleesi, the year net $X ended the frankly fiscal New in that net operations XX was spending in June fiscal but losses operations net million the sales was for non-dilutive of significant cash to Jersey XXXX. for in for $XX.X cash items, over due

respectively, was loss $XX.X respectively, million, $XX.X the loss and the for position, million net XX, loss from the up Finishing with that periods the the net million, again in was for the same cash quarter, on compared net for June $XX.X to Palatin's financials fiscal and quarter, million ended year year, $XX.X the of and a XXXX, XXXX.

Regarding cash our position.

were in the cash securities July, March plus million to marketable cash, of funds million, receivables of accounts frame. and $X.X XXXX, receivables received been XXX% XX, those approximately compared and with XX, XXXX. All $X.X Those cash equivalents August of receivables. cash time good. have accounts And million of million June this as $XX.X equivalents accounts $XX of As Palatin's

accounts I'd up say, XXXX. to through currently hey, selling cash operating and and bit. calendar believe our receivables a be securities current we anticipated will that plan, marketable little And those sufficient on fund receivables expenses went good. equivalents based Well, all existing year cash, we're operating more,

Of which statements the to from an year XX, concern firm, that XXXX, KPMG, on ended for XX-K note, to the June financial does report public had include contains report that audited some independent Palatin's have registered Form I explanatory included for in we our audit quite do want time. going paragraph, annual highlight accounting a be

commercial bit that talk our and said, going turn back granular exciting Carl? With I'm to development a more Carl to about it to programs. over

Carl Spana

Thank you, Steve.

have therapeutics course execute based activating of XXXX, on on successfully the system. Over continued the to develop we to novel melanocortin our strategy

As to unparalleled highly we establishing safe safety. and system the are on and focused inflammatory pipeline effective a to a autoimmune previously, I melanocortin diseases of drugs effective and treat develop with stated as medicine target for

our understanding inflammation stress component important to in of tissue the responses, the and is melanocortin strategy repair. An system of advance role of our

our efforts scientists and presentations are the collaborators. recognized numerous Our academic research peer-reviewed with being and by scientific

opportunities are design clinical allowed novel Our for activities. innovative therapeutics and development trials have support business for us identify to better research to key efforts our

We active have our from programs based melanocortin on X efforts. developed clinical agonist research

dry study year-end. the We in MELODY-X before enrollment patient are eye pleased, deliver disease working data to calendar to in Steve very Phase PLXXXX top mentioned, as III are have and completed line

II interim ulcerative early PLXXXX, year-end calendar assessment complete Our data as to study colitis as is year-end. a selective Phase the evaluating patient melanocortin-X receptor on agonist oral patients with track by calendar enrollment in

II data of on diabetic for disease study BREAKOUT, with patients open-label Phase quarter is kidney in our line the track top XXXX. in also first

fourth of fiscal year-end additional and Some follows. highlights the as 'XX are for the quarter

the front, across XX% product metrics. are net quarter-over-quarter On XX% quarter. all increases and the with Notably, increased prior we dispensed pleased prescription over revenue value increased commercial Vyleesi's double-digit

expenses, exceed Vyleesi some we Vyleesi that quarterly excited operating are revenue product continues quarterly make net to i.e., We money.

of a men phosphodiesterase-X As with PDE-X current of extension sexual dysfunction, a commercial for our that therapy. bremelanotide in with melanocortin erectile failed dysfunction as agonist a inhibitor we co-formulation our developed have an inhibitor treatment have efforts receptor-X

us ] are inhibitors, aside, PDE-X set bremelanotide drugs care Viagra, or for such dysfunction. active inhibitors, phosphodiesterase-X [ and is and To in Vyleesi these the erectile men Cialis ingredient standard as of in with the are

have current or be approximately erectile fail You represent to treatments large a response of market. aware, very an dysfunction may not inadequate men XX% underserved with but and

treatment for such The are penile as invasive, or implants. highly injections options patients only penile these

opportunity market early PDE-X development novel end as conducted The as treatment year. and previously have support bremelanotide and the work planning combining for erectile clinical inhibitor initiate clinical to trials the of this of synergistic we a programs large of clinical dysfunction. We effects with are our this formulation, the commercial as showing

Our to we MELODY-X impressive ocular enrolled, year-end. stated, data we programs and advances is expect continue fully as make by

eye treatment We tolerability, product is the profile efficacy PLXXXX excellent differentiated eye which for highly for broad from the are disease. PLXXXX, will for dry with treatments believe very by make disease excited emerging that current leading dry ocular we

symptoms as and and population for We the at of statistical dry no demonstrated ARVO, Vision efficacy and of from Research adverse Phase Meeting disease tolerability Association broad ocular presented data events. PLXXX of of and profile the and ] multiple MELODY-X known ocular signs Lead-In the eye no, across safety significance [ also the analysis trial PLXXXX Annual III where with (sic) excellent I repeat, and separation Ophthalmology,

primary the to of size methods double-blind the This the confidently methods size us for set sample and and extremely sample sign allowing endpoints, endpoints, secondary the of analysis was MELODY-X. and important, segment symptom analytical analytical

about we excited reduce out, can and the to We everything outcome. and very trial risk positive are coming done this believe of are very anticipating a we've the data we

with studies, PLXXXX, are of at timolol, treatment lasting for that reducing data And pressure a PLXXXX on latanoprost the of to magnitude competitive and presented used effect controls current to treatments which also show with out XX We with effects glaucoma. hours. topical effects the intraocular ARVO the of positive preclinical our dose on some similar single are melanocortin-based

have a optic also glaucoma on nerve are need. effects next-generation we shown treatments we not which Importantly, protection, for think

do this So actually with the pressure intraocular we lower we optic nerve. not protect compound, only

discussions regulatory have initiated advance with As we preparing the this program, we important to FDA. already are

our significant and Our research with And programs meetings, presentations supporting innovative ] publications at melanocortin are and peer-reviewed clinic [ multiple activities. advances system our expertise journals. in made development also business scientific efforts

these ongoing multiple more advance discussions we some partnerships programs. help for programs, enter into have to exciting We with that of and optimistic will our we remain partners very one potential or

As we value. have significant drive look forward to opportunities we to fiscal XXXX,

by Vyleesi our Call. trials, data continued Korean would partners. programs, have X I initiation Vyleesi coming Palatin XXXX thank and clinical listening from Chinese growth South new and to Fiscal of Year-end the Quarter We like X you partnerships, Fourth and Conference Steve for clinical to of and advances

find can on programs on you. science can and our clinical on Vyleesi website. information website, additional information www.palatin.com, vyleesi.com at the additional our and find Thank You you

will now questions. the call to We open

Operator

question first Joe Your H.C. Instructions] from is [Operator coming from Pantginis Wainright.

Joseph Pantginis

of continue by to show mind. best I luck questions, consummating good DTC first, some much and end transaction. couple But that anticipated show know results. don't it's good Vyleesi actually traction of doing if you A a not highly on you your having with as

with that. So luck best of

level of on little the anticipated patients? beginning be for think focus the maybe or which to the around going data a us year-end year. able that upcoming wanted on in to to do data, into think, is, first, going interim show I you're What program, UC or the what you So I of XXXX more

Carl Spana

data. primary So endpoint that's the

placebo. -- And this colonoscopy a versus at primarily -- is treatment score. study, we're X-week a an So obviously, endoscopic score, we're so looking active

based to those evidence So Mayo lesions we're We're clear endoscopic forward also the looking grading. kind see subscore. healing to decrease looking on lesions -- and for show of at of

Joseph Pantginis

looking the might Got it. gave more to able I bit, today you data? obviously, color And back recently rapid kind Any little And and Got at? Vyleesi more drive, mean, to with regarding have combination. PDEX the enrollment expectations for you're you it. but of that what details announced then, design to more the a going that say, combination be

Carl Spana

A Sure. things. of couple

So on -- in so company.

the conducting So given in -- in will co-administered. in the anticipating be study that we're drugs

second the that be to PDE-X to used we're won't for study inhibitor the the determine bremelanotide they the follow-up where co-formulation of the -- of in co-formulation. patients. The would ratio failure we we So is the the looking that limit for look have to in be in to number the right can at. combinations What study

obviously, have probably history studies We're had advantages of ED clinical dysfunction the and working X very very sexual these -- New long got working -- in We've -- study the we've So rapidly. enrolled and sites, we with a well. actually York. one as Philadelphia

key conducting reach we to they back investigators, as this quite So of study. our were out some enthusiastic about

As don't have hasn't new a there pointed us, erectile really an these to innovation dysfunction they guys XX years, in been out in and alternative.

rapid I in So study. extremely enrollment would anticipate the

Joseph Pantginis

Okay. Vyleesi then a you will know Good. I second. go to And what, for by itself back

So is I this the wherewithal as I me play guys world the to with you've able opposite ex say look, let in U.S. transactions until upcoming signed. the already to believe Nothing be are deals as guess well things you obviously, have because, to. news, in had consummate you alluded guaranteed the argument.

the in entertain not what regard plans end the U.S., kind of if other considering? spectrum, be investment or and you Vyleesi say, potential might you would or potential what on you So to do might it with not scenarios license of

Steve Wills

-- -- couldn't more -- more results, consecutive with it's there, we're pleased money. not that quarters importantly, any And listen, we thanks X the losing growth. for internally, Well, The Joe. question -- but of be double-digit we

Vyleesi. money In on fact, we're making

infrastructure. a We very limited have

going Our doing and $X.X got and that fourth growth, we plan that. mean up is million sales. quarter. We of quarter I targeted third profitable net the for we're the the anticipate

going There's the potentially things point, balance don't a trigger, pull versus transaction And it's Vyleesi. some evaluator. many we for the now We have options that at XXX% on and always if a could a have to we quarter -- for options. well, potential trigger pulling of It's the something -- value the that we're now, it's and X it balance we we considering, are on if or here does you trying but do to that do it to later. how transaction be affect if

of lot distribution that a expansion. around And is

with many outlets considering to that Vyleesi. not there, feet more force out the around adding -- i.e., ground. UpScript We on there's the would telehealth like are especially sales or a But telemedicine, distribute

transferring advancing are do it selling things Those we a we they're price discussions. there. once those product to and are over the types we're we, deal, of So frankly, for that them certain the

of but doesn't lot we way spend. disrupt because serve a Right able now, set -- not of a it's those doing. what basis, the to infrastructure a utilize group really that are to we're It the up we're market it's outlets not patient going the and cash-only currently for and

So us have increase them multiple we but have money we result is could going Vyleesi. generate back money value making that -- to very around, come significant options significant in where we're revenue, and spending not of not one with to

been do, anything the type last of that continue over on quarters. Vyleesi several money we with We've we'll And making strategy.

Operator

from Higgins of Your next coming Michael Ladenburg question Thalmann. is

Michael Higgins

Congrats, rest guys [indiscernible] progress continued the Vyleesi and pipeline. and the of with

type size, wait time? just thing, some of I plan on if dysfunction I do want I about to erectile follow-up this Joe smart was on to a Or already that able could, at you start one you Just share program? design, that trial. if the to until you're more, could the asking program. ask questions what

Carl Spana

mean studies. straightforward said, these in to I studies I that appropriate find the patients are are dosing -- failed are inhibitor are No, PDE-X therapy. have that these These very as ratio designed

failed of PDE-X So dose have static PDE-X that of looking that be inhibitor inhibitor of with doses in patients at top on increasing bremelanotide you'll the therapy.

They're -- do pretty metrics the So straightforward. to well we The use to no no are real established. efficacy that these -- we there's trick measure studies. way

high here. are distributing there a are companies, we've of and out potential mind, discussions had patients very interest these there's basis. a are Keep there. as are a they parties with studies, enrolled that said, some cash lot lots There around as also aware, quickly. this, on third you So I And PDE-X of in inhibitors

reimbursement added ED they're Many in of those the looking for reimbursement, companies new now and insurance products have space. --

in transact its So able would relatively I to expect early is this one that be we would development process. where

Michael Higgins

got take a It look will that and us share been bremelanotide PDE-X II many, done some data. to plans have that? many some fair. but like other it. the sense If you've what inhibitor That's Phase are We'll your so, sounds years, for at combination give

Carl Spana

public It's are the Well, published. published. in those out That domain. data is

You can it. easily find

Michael Higgins

I work... some was thinking I see I additional right? those. have

Carl Spana

rescued not that publications There PDE-X in by looked for X/X bremelanotide of failure are monotherapy, can of of additional that PDE-X on alone. example, third-party showing Palatin, that therapy have groups, at patients the inhibitor be significant inhibitor failed monotherapy percentage

I risk. here. think -- a strong very very program precedent a clinical low that, is there's has And in this mind, our a So represents

know and inhibitors You treated they PDEX have men work -- work. we men agents with obviously, almost with we've -- are dysfunction Obviously, X,XXX erectile with, FDA-approved shown bremelanotide. that we've in

clinical men think just high here. here. a don't I a I other that And importantly, very lot have of out mean very there's So these precedent need a more -- medical there's strong options. of there lot

like I low side we from it development are think the side the and So both the risk. relatively commercial standpoint,

Michael Higgins

great. looks Yes. And that

So to exciting its But in for program update feedback us that in here considering or have coming target space? obesity our on in we'll melanocortin that obesity you for your be refer pipeline? the again another notes. interest might up Any

Carl Spana

larger a bit receptor was molecules. small have. And around programs did companies first may things the to many going is this of he I'll glare. I obesity target of that these. part, for giving at me you, not because, be had melanocortin-X looking few of say of -- a obesity younger, the course, very kind looking even -- people validated interest treatment. many in probably a we've to just are the there. most say to want we me, know little Many say a The I'm few strong of Steve's to of in for listening as of the have one

very but for peptides. melanocortin you good a know, setmelanotide aware, difficult in Michael, [indiscernible] the product. cover I it's unfortunately, small target a And [ you're molecules, very ]

we with bremelanotide published that loss bremelanotide in on studies weight showing We conducted X have using obese patients. very nice

We years. also nice a had for of AstraZeneca with a number collaboration very

tremendous have experience develop melanocortin compounds obesity we in So regulating to excellent the system insight molecules. the small how good a and of role on taking food in with

aware growth excited you're I'm there attraction. And in So up week coming coming the current in of -- about marketplace. quite are is well weeks. couple that. a There we're that there's an obesity of a sure

just would I so And tuned. say stay

Michael Higgins

Definitely. for I'll be that. there down Dallas in

get you, back in your to and this. me forward or conversation me on queue that about dysfunction, in to let last will Any jump drug unique, anyway data that for erectile with the Question this a going, dysfunction And would you one the the II combination and advancement and as men out the longer, of with women lot the Vyleesi. could I hanging program market look with occurs But So for at Joe that. one Phase successful some on of to in can through know. now your that one, is with study? where comments a for Listening least to sexual program keep only both thoughts tea about you here last attention. be bit go

Carl Spana

prescribing there near future. be dysfunction. very data and brought well have at erectile topic some in Sexual it to a due in you men low that ] and are SSRI sexual clinicians things. desire that the stress are And dysfunction, the there [ those, upcoming may it that since meeting Well, use, works to other also of types about other dysfunctions due factors about for up

male sexual more will for So I believe be female dysfunction. that this both the personally and treatment

Steve Wills

of value both on investment, the we that, the So jump be types normative with patients albeit we're we and today the for the elaborate excited male on that Michael, not had the with think very in to any right and different let results also, post going pre and referencing. of you're patients, we've where things significant the that in more me just listen, some couldn't

longer else. you that. to lot think transactions that feel -- have even potential have XXX%, of strongly, we maybe we numbers some forward if And quarters. do is do to there several into may we okay, analyzing you with, several and the and into to move not right? assessing done those results, some you're it And those trying take something could judge also to a having are be value. we're where getting There have keep we not a to are pretty. balance doing financing from. and The future. So done. factors do, in to that deals you But that with going have throw more is biotech And landscape, a can or going not we Vyleesi I'm for over we recover there that in value being I company, the account. a We're of out that But are don't being next the that deals different some balance keep dart we a tough anybody we This and not deals and to are they small these being realistic. the of we're going cash dilutive think company get that are we're

we regarding funds. hey, So dog pause balance, have in. financing. could that, what, And on we and we dilutive -- going of that regarding the a a take But for -- financing. more in hot programs matter further nondilutive have not have Vyleesi, efficacy, a long Coke that get, you're happen. not you but hoping significant that's we those greater likely And Christmas moving and safety, more going as quick also factor it's things, versus market than the and collaboration account we company the have your just to take a a what's is a tolerability, that Dry A is as doing your the value shareholders program only raising of have the everything deal. is that's be nice I'm eye do to the which the out balance have for away after for nondilutive disease, lot to the times, working is landscape of types -- right data from well, where interest. potential our we're that But present timing you obviously, holidays to us, confidence have And there. with into good the no I something lot other coming

asked disease start nice clear, where do about but we the feedback, that have equity Listen, first clear, on for we've either Carl get raise. interest. it with can, multiple with, to try But as think we right? you I or coming flow was based do I people I separate be protocol if Joe we other want talk as to to type to and hey, many lot colitis in is the that be also a XXXX that ulcerative way the endpoints. the this we a have ulcerative a conversation, potential of just colitis. dry on KOLs, phase, based XXX% changed you interested, was But you cash shots and these the And not for it's than and be with care, on goal eye the companies of endpoints, would both

Michael Higgins

may, If as year-end. It feedback. because that earlier still... one speaking want sound talked happen. XXXX another well, of just like about going by possibly great it's the indication, That's doesn't to that's and starting bring cash I that I up you've to pipeline programs

Carl Spana

Sure.

would So preclinical pending for following separate ocular space, a obviously, in resources, we and next feedback we up what would that That like need with that Michael, ocular on glaucoma. program we trial forward. a the we design the have look would we'll take We've year-end. the compound would already look -- of with be are before to FDA outreach things the some started

out for would partnership. look to go part, do So our MELODY-X in the there, we goal would XXXX tend a of because really coming at

of in be will a all taken the obviously, we PLXXXX So up partnership, by partnership. for we that opportunity take

we've don't -- in the back about, And that's focusing they're with programs. we've scientific people novel and preclinical, interest talk back we're there's of but though why investors the of could the which really, things do we the many many some represent of and mechanism, presenting on on held follow XXXX, tremendous So don't retinal been literature things our we they eye posters and also glaucoma Even there. a do the didn't there.

melanocortin and how the to the into of back But exciting damage. really feeds glaucoma. retinal from really on quite data works eye mechanism And this that is protect both quite the

provide So that's there's example, not is and intraocular nerve protection, needed. product for out a excited. why we're very really can there mean I what's that glaucoma, which lower pressure for

choose do we think want the marketplace about well we when there in they products how in opportunities programs, make differentiated what's leading their sure out So become we products these these to category. have from the to are and

Michael Higgins

A agree. get eye Yes, dovetail We back after XXXX. very that the much had I would to programs. into we is question coming this, I'll

you're for also have think by update to looking with that? I subcu Any your but you're us And formulation. bumping on year-end, working maybe that's into XXXX. But...

Carl Spana

to the right? programs There's for progression resource data XXXX we administration. of are The moving types of dependent, It's doing. glaucoma we forward. we'll Steve have -- successful we balance balance we again, think we're a no I -- activities out, was need are matter no landscape, that tough The is these sufficient. have through so There product what be But do will to to occur. out. saying, that a topical we in of, -- beginning in go So as is impediment purely

I will So cash care take of the think itself.

Operator

hand will to now any have in over any appear Carl I comments. to the don't closing further queue. back questions for We

Carl Spana

XXXX. like fourth end Yes. year thank you and in participating I'd the Palatin quarter fiscal for all to of

can the opportunity, and with certainly -- hard frustration disconnects to that. presentation valuation we're valuation between working I I what eliminating think a from are we think a certainly and questions standpoint. be correct know and always analyst, we microcap believe there I we undervalued, of -- companies. to depth from can the deliver And deal through hopefully be think But and going you've particularly I good when gotten the our flavor Palatin the of

believe right things we we And have all to that. the do in place

all So the thank update a guys you on to continuing behalf Steve and Palatin. you great day, employees myself you. have forward look of and thank We and to and at

Operator

call. Thank very does conclude conference much. today's This you

You may have for and you disconnect time, this Thank day. phone participation. wonderful your a lines at your

Palatin (PTN) 28 Sep 232023 Q4 Earnings call transcript